Marcus and the Apple credit card accounted for 3% of the bank’s profit in the first three quarters of 2019, despite a multibillion-dollar investment in consumer operations; the senator’s plan would make it easier to expunge debt.
About 15% of the bank’s partners are likely to leave this year to make room for new ones; the bank said it is looking into why it charges some customers even after their accounts are closed.
The bank elevated three senior executives who could be possible successors to CEO Sergio Ermotti; the move to a new rate benchmark won’t trigger a “tax event.”
UBS promoted female bankers to key positions at the top of world's largest wealth manager, broadening the pool of potential candidates to eventually succeed Chief Executive Officer Sergio Ermotti and bringing more diversity to the board.
The FBI is looking into whether Italy’s largest bank was also hacked; about 4.5 million people have already inquired about getting a cash settlement with the credit bureau.
It’s the latest development in a foreign-exchange-related case that has triggered regulatory probes around the world, and it's one of the first cases to be brought under 2015 U.K. legislation that paves the way for U.S.-style class actions.
The bank believes its U.S. unit will pass this year’s stress test but Fed restrictions will stay; COO is the second member of CEO’s inner circle to leave.
